PVs sole auto biz to beat pre-covid sales
NEW DELHI : Production levels for all automotive segments except passenger vehicles (PVs) remained below their pre-pandemic record in the June quarter, according to data released by the Society of Indian Automobile Manufacturers (Siam) on Wednesday. Wholesale dispatches of PVs, two-wheelers and three-wheelers rose 9.4%, 11.2% and 89%, respectively, in the June quarter.
However, commercial vehicle sales declined by 3.3%, primarily due to a drop in light commercial vehicle (LCV) sales, particularly small commercial vehicles, as CVs with higher load-carrying capacities become more popular, the data showed. Sales of LCVs dropped nearly 6.4% to 148,634 units in the June quarter, whereas for medium and heavy commercial vehicles, wholesales rose 2.5%.
PVs surpassed their peak sales record in FY23 itself and attained new record volumes in the first quarter of FY24 on the back of strong growth in the utility vehicle (UV) segment, which now accounts for 54.9% of total PV sales. Passenger car sales at 414,000 units in the April-June period, however, are far below the pre-covid-19 highs of 584,000 units seen in Q1FY19, the SIAM data shows.
Further, within the passenger car segments, sales of micro and mini cars were down 66% compared to FY19 volumes. For two-wheelers, despite a gradual year-on-year recovery, June quarter sales at 4.14 million units were still lower than volumes seen in FY17.
Despite a handsome 90% growth in the last three months of the fiscal year, three-wheeler volumes at 144,000 are still lower than the all-time highs seen in FY19 at 162,000 units in sales in Q1FY19. Commercial vehicle volumes, having come within touching distance of their pre-covid-19 record at 224,000 units in Q1 in FY23, are now further below
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